GST mop-up rises by 11% to Rs 1.46 lakh cr, slowest in 17 months

NEW DELHI: Goods and services tax Collections (GST) rose 10.9% to Rs 1,45,867 in November, making the expansion slowest since June 2021, but experts remain optimistic about the outlook.
“For the month, revenue from imports of goods was 20% higher and revenue from domestic transactions (including imports of services) was 8% higher than revenue from these sources in the same month last year. ”, the Ministry of Finance said in a report. statement.
The November collections for October deals, the fifth-highest, key festive month on record and mark the ninth consecutive month grossed over Rs 1.4 lakhs, showing measures taken Centers and states taken to strengthen the administration have seen collections stabilize at that level.
“GST turnover of over Rs 1.4 lakh for a 9-month period in a row shows that there has been no effect of the recession on the Indian economy so far. IGST for imports has declined by 6-8% this month compared to 4 months ago Saurabh Agarwal, tax partner at consulting firm EY India, said that during the months (except October 2022, which is a festive month), this is an indication that India India is moving towards a more autonomous economy.”
Tax collection has outpaced growth needed with total spending expected to be well above budgetary levels, providing much-needed comfort for the government in meeting its 6.4 fiscal deficit target % of GDP for the current year, despite higher spending on fertilizer and food subsidies.
The government is optimistic about the outlook for the economy, based on strong demand and high investment costs.
Among the states, in November, Rajasthan and Kerala (-2% each), Gujarat (-3%), Punjab (-10%) Himachal Pradesh (-12%) and Goa (-14%) saw decrease in collections. In contrast, Arunachal (55%), Manipur (42%), Bihar (28%) and Maharashtra (14%) were the states that recorded healthy growth, according to data released by the finance ministry.


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